The Hidden Costs of Our Failing Environment: Experts Reveal How the Economy is Paying the Price

In the aftermath of Hurricanes Harvey and Irma, it’s no surprise that people are once again pondering: what is the cost of climate change? What impact do these storms have on our economy as well as its environment – both locally and globally?

The answer is a staggering one! Hurricane Irma alone caused an estimated $60 billion in damages across Florida and Texas. Hurricane Harvey has claimed over $125 billion in losses; and finally, Hurricane Maria left nearly $20 billion in damage in Puerto Rico alone! These figures may seem astronomical, but they’re merely fractions when compared with those projected by leading economists – who’ve concluded that each year could see trillions more spent on these storms’ impact on their local economies; for example, let’s consider Hurricane Katrina…

Despite the widespread perception that environmental protection is an expense, such claims are outdated – as costs associated with protecting the planet have actually come down over time.

In fact, experts contend that the economic benefits of preserving the environment can be substantial. In 2016, it was estimated that $2.7 trillion would be generated by investing in clean energy projects; this is projected to soar to $4.1 trillion by 2030! Protecting wildlife could yield profits of up to $1.9 trillion over the next two decades – all these numbers are based on conservative estimates!

This should give us pause for thought: when we evaluate our local economies and contemplate its prospects, we must consider not only what they offer today but also what investments could yield over time.

1. Rising health care costs due to air and water pollution

Last but certainly not least, increased health care expenditures are manifested due to the detrimental effects of environmental degradation. According to a recent study by Harvard University – which investigated the relationship between air and water pollution and expenditure on primary care – exposure to air pollutants may drive up healthcare costs for those residing near major roads or busy ports.

For example, a California-based research team found that as traffic levels increase at busy intersections close to hospitals, so do hospitalization rates among ambulatory patients. On the opposite end of the spectrum, researchers discovered that an area’s proximity to a port can increase mortality rates among workers exposed while aboard ships docked there – resulting in an uptick in insurance claims over time.

2. Diminished agricultural productivity due to depleted soil resources

The depletion of our soil resources has been occurring for decades, but the consequences have become more apparent in recent years. Any attempt to restore depleted soils can be costly – both monetarily and environmentally – so it is imperative that action is taken soon if we are to prevent further deterioration.

In fact, no less than 36% of land in the US falls under the ‘poor’ category when it comes to soil quality, according to the USDA National Resources Inventory in 2012. In other words, nearly one-third of agricultural land around the world cannot even be utilized effectively! This figure represents a gigantic scale of loss – and with it comes an inevitable toll on crop yield.

3. Decreased economic productivity due to displacement of workers from affected areas

The bulk of the current job growth in the United States is taking place outside of urban centers.

Surveying a number of industries, the Bureau of Labor Statistics (BLS) shows that manufacturing and extractives are leading sectors of employment creation, with professional and business services closely behind; construction follows suit; followed by health care and leisure-time activities contingent upon their proximity to city centers – which demonstrates a trend towards more remote work placements.

Experts have commented on how this trend could potentially be detrimental to economic productivity, due chiefly to its deleterious impacts on educational attainment. Displacement from these places typically means leaving those who rely on local resources for schooling behind, thus necessitating them receiving their education elsewhere. This leaves them without requisite skills required within their chosen field; this ultimately leads to lower levels of productivity per person!